“Within the data, iron ore and coal prices are still holding up. That was offset this month by a fall in the volumes of exports.

“But overall, when we look at the port data, we can see that iron ore exports, in particular from Port Hedland, are still at record levels, and we expect them to keep increasing in 2014 as more projects are finished and the production starts to get exported."

Analysts have said they expect the trade deficit to narrow and turn into a surplus this year as the mining boom transitions away from its investment phrase towards its production and export stage.

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The slide in imports in November was driven by a fall the import of consumption goods by 2 per cent, or $127 million, to $6.7 billion.

Ms Mousina said the decrease could be due to a fall in demand by Australian consumers, or from the switch by some consumers towards domestically produced goods as the recent weakness in the Australian dollar increases the cost of imports.

Commonwealth Bank economists expect the trade balance to become positive by the fourth quarter of this year as exports increase and if a further weakening of the local currency reduces imports.